India's Retail Boom: 9 Million Sq Ft Of New Space By 2025

By 2025, India's top seven cities will witness nearly 9 million sq ft of new retail space. Despite restricted supply in 2024, domestic retailers dominated leasing. Bengaluru led with 34% of activity. New foreign brands continue to enter, with a strong focus on fashion and lifestyle sectors.

India's retail scene is poised for significant growth as top cities prepare for nearly 9 million square feet of new retail space by 2025, per JLL India. This increase is expected to outstrip the 8.7 million sq ft benchmark set in 2023, driven by sustained interest from international and domestic retailers.

As detailed in JLL India's report, Mumbai, Delhi NCR, Bengaluru, Kolkata, Chennai, Pune, and Hyderabad are the cities at the forefront of this expansion. In 2024, these cities saw 8.1 million square feet leased, despite a 73% year-on-year drop in new retail supply, indicating resilient demand from retailers in prime locations.

Bengaluru emerged as the leader, capturing 34% of the total retail leasing, overshadowing the combined volumes of Delhi NCR and Mumbai. Other cities like Hyderabad and Chennai also saw rising contributions. International brands made a noteworthy entry in 2024, especially in sectors like fashion and personal care.

(With inputs from agencies.)